Cognitive technologies are increasingly being used to solve business problems, but the ones that are most ambitious may encounter problems.
In this interesting report by Thomas H Davenport and Rajeev Ronanki of Deloitte. It outlines what are the best approaches for companies to achieve AI success. The report is based on interviewing 250 executives and comes with many key insights.
Key finding 1 – Transformation
3/4 believe that AI will substantially transform their companies within three years.
Thoughts and insights: AI brings huge opportunities for virtually every company. However, in order to get the best out of the technology, the approach should be right. There has never been a better time to harness the power and opportunity of AI.
Key finding 2 – Moonshots
“Moon shots are less likely to be successful than low- hanging fruit”.
Thoughts and insights: There is always a tendency to conquer the world with new technology. But, this could be the long term objective, however, by focussing on quick wins can help gain momentum as well as help higher adoption across an organisation. The selection of projects is key to success.
Key finding 3 – AI use
51% – use AI to enhance, the features, functions, and performance of our products. 35% – Use AI to help make better decisions. 32% – Use AI to help develop new products.
Thoughts and insights: When adopting new technology like AI, it is also ways better to dip toes into development slowly and then increase throughout all aspects of the company. It is encouraging to see most projects are using AI improve aspects in a company. By creating quick wins, the value is realised sooner. As companies get more confident, they tend to look at wider projects and opportunities.
Key finding 4 – Obstacles
47% – find it hard to integrate cognitive projects with existing processes and systems. 40% – Technologies and expertise are too expensive. 37% – Managers don’t understand cognitive technologies and how they work.
Thoughts and insights: With any new technological transformations, there are always obstacles. One of the biggest issues is using AI to change existing methods and ways of working. Most big institutions have set procedures which can make integration a challenge. In these cases, it is better to think how the AI technology can change the way of working. It is a good chance to improve methods and allow new technologies to help bring benefits.
This is a really good report. It really gets to the heart of a lot of AI implementation issues with recommendations to help remedy this. The report also gives some key areas to look at to mitigate potential issues.
Read the report here
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